Morguard North American Residential Real Estate Investment Trust (MNARF)

MNARF Balance Sheet

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Property, Plant & Equipment	4,312	4,333	3,999	3,627	3,256
Cash & Equivalents	114.63	51.26	17.83	14.64	26.56
Accounts Receivable	10.63	2.74	2.4	3.5	2.01
Other Receivables	-	9.85	7.17	7.9	5.18
Loans Receivable Current	12	90	2.63	80.7	70
Restricted Cash	4.53	4.86	4.08	89	11.8
Other Current Assets	9.31	8.98	9.07	6.37	5.2
Other Long-Term Assets	72.64	70.87	53.28	105.46	96.38
Total Assets	4,536	4,572	4,096	3,934	3,473
Current Portion of Long-Term Debt	191.7	218.92	167.62	219.95	96.98
Long-Term Debt	1,861	1,850	1,634	1,526	1,583
Long-Term Leases	16.94	17.61	16.06	16.24	9.07
Accounts Payable	63.97	64.06	45.62	44.98	36.06
Other Current Liabilities	-	9.56	9.15	8.74	11.66
Long-Term Deferred Tax Liabilities	296.2	299.13	263.42	262.76	175.23
Total Liabilities	2,430	2,460	2,136	2,079	1,912
Common Stock	1,995	422.75	448.15	470.77	469.96
Additional Paid-In Capital	-	48.76	48.76	48.76	48.76
Retained Earnings	-	1,312	1,238	1,089	897.6
Comprehensive Income & Other	-	217.75	117.97	144.54	68.42
Total Common Equity	1,995	2,001	1,853	1,753	1,485
Minority Interest	111.4	110.65	106.87	101.91	76.65
Shareholders' Equity	2,106	2,112	1,960	1,855	1,561
Total Liabilities & Equity	4,536	4,572	4,096	3,934	3,473
Total Debt	2,070	2,087	1,818	1,763	1,689
Net Cash (Debt)	-1,955	-2,036	-1,800	-1,748	-1,662
Net Cash Per Share	-	-56.10	-47.71	-44.69	-42.56
Filing Date Shares Outstanding	-	36.21	37.74	39.06	39.07
Total Common Shares Outstanding	-	36.28	37.74	39.11	39.06
Book Value Per Share	-	55.16	49.10	44.83	38.01
Tangible Book Value	1,995	2,001	1,853	1,753	1,485
Tangible Book Value Per Share	-	55.16	49.10	44.83	38.01

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.